Core Viewpoint - Foshan Lighting (SZ 000541) announced that on November 7, 2025, it will accept investor research, with participation from Chairman Yu Zhongmin and Secretary Huang Zhenhuan to address investor inquiries [1] Company Summary - For the first half of 2025, Foshan Lighting's revenue composition is as follows: 60.02% from lighting fixture manufacturing, 28.74% from electronic components manufacturing, and 11.24% from export trade and others [1]

Core Viewpoint - The article highlights the comprehensive involvement of Foshan Lighting in providing lighting solutions for the 15th National Games, showcasing its commitment to service and innovation in the lighting industry [1]. Group 1: Event Support - Foshan Lighting adopts a "one-stop, full-process, all-round" service philosophy to integrate deeply into the supporting construction of the National Games [1]. - The company has customized an intelligent lighting environment system for the new T3 terminal at Guangzhou Baiyun International Airport, utilizing over 130,000 tailored lighting fixtures to achieve more than 40% energy savings [2]. - Foshan Lighting has supplied over 31,000 LED lights for the Guangzhou Baiyun Station, ensuring safe and efficient travel for attendees [4]. Group 2: Venue Lighting - Foshan Lighting's subsidiary, Foshan Huaguang, provides a smart lighting system for various sports venues, enabling one-click switching for different scenarios such as competitions, training, and broadcasting [5]. - The lighting solutions ensure a professional, stable, and high-definition lighting environment for athletes and spectators [5]. Group 3: Commercial and Hospitality Lighting - Foshan Lighting enhances the commercial atmosphere in shopping areas like Shenzhen CoCoPark and Guangzhou Baiyun T5 MALL by creating artistic and vibrant lighting environments [6]. - The company also focuses on providing comfortable and healthy lighting solutions for high-end business hotels and well-known chain hotels, improving the accommodation experience for participants and visitors [8]. Group 4: Urban Lighting Initiatives - Foshan Lighting participates in municipal lighting projects that combine functional and landscape lighting, contributing to the modern image of the Greater Bay Area [8]. - The company aims to continue its commitment to technological innovation and smart manufacturing, participating in more national major projects and international events [8].

Core Insights - Guangzhou Baiyun International Airport's T3 terminal officially commenced operations on October 30, marking a significant milestone in the development of a world-class airport cluster in the Guangdong-Hong Kong-Macao Greater Bay Area [3] Group 1: Project Overview - The T3 terminal is a key construction project under China's civil aviation and Guangdong province, with a total building area of approximately 420,000 square meters and a total investment of 53.77 billion yuan [3] - The terminal is expected to handle over 120 million passengers annually, positioning Baiyun Airport as a leading super-large aviation hub globally [3] Group 2: Lighting Solutions - Foshan Lighting provided over 130,000 customized lighting fixtures for various areas within the T3 terminal, ensuring a professional lighting solution that enhances passenger comfort and safety [4] - The lighting design incorporates advanced technologies such as adaptive honeycomb heat dissipation and secondary optical distribution, achieving long lifespan and excellent light decay control [4] Group 3: Architectural Integration - The design of the T3 terminal features a unique combination of centralized main building and concourse structure, requiring sophisticated lighting arrangements to complement its architectural aesthetics [8] - Foshan Lighting's intelligent lighting system supports multiple dynamic scenarios, including daily and festive modes, while reducing energy consumption by over 40% [8] Group 4: Recognition and Future Directions - The T3 terminal's construction project won the highest award in the buildingSMART openBIM international competition, marking a significant achievement for Chinese civil aviation infrastructure [9] - Foshan Lighting is transitioning towards becoming a comprehensive solution provider in the lighting sector, showcasing its expertise in high-end lighting through various national and international projects [9]

Financial Performance - In the first three quarters of 2025, the company reported a revenue of 6.532 billion CNY and a net profit of 141 million CNY, both showing a year-on-year decline [2] - The asset-liability ratio improved to 39.36%, a decrease of 1.39 percentage points compared to the previous year [2] - Accounts receivable decreased by 137 million CNY, down 3.93% from the beginning of the year [2] Strategic Responses - The company is focusing on market expansion through the construction of a commercial distribution system and the establishment of over 1,000 quality outlets, achieving significant project implementations [2] - New market entries include seven unexplored markets in the "Belt and Road" initiative, with e-commerce revenue experiencing double-digit growth [2] - Cost reduction and efficiency enhancement initiatives are being implemented through the formation of specialized teams [2] Marine Lighting Sector - The marine lighting segment has seen significant progress, with a revenue of 129 million CNY in the first three quarters, marking a year-on-year increase of 129.41% [3] - The company has established four major areas in marine lighting: deep-sea lighting, aquaculture, fish-attracting lamps, and ship lighting [3] - Collaborations with leading industry players and successful project implementations in aquaculture lighting have been achieved [3] Sports Lighting Initiatives - The company has been actively involved in sports lighting, participating in the construction of various key venues, including the 15th National Games [5] - Customized lighting solutions were provided for major venues, ensuring compliance with high-definition broadcast requirements and athlete comfort [5] - The company aims to enhance its sports lighting services through standardized and professional solutions for both domestic and international events [6]

Investment Rating - The report maintains an "Outperform" rating for Foshan Lighting [1] Core Views - Foshan Lighting's Q3 2025 performance was below expectations, with a revenue of 6.532 billion yuan, a year-on-year decline of 5%, and a net profit attributable to shareholders of 141 million yuan, down 44% year-on-year [4][7] - The decline in profitability is attributed to intensified competition in the general lighting sector, leading to pressure on earnings [7] - Despite challenges in traditional business areas, the company is making progress in new sectors, such as automotive lighting and marine lighting, which have shown growth [7] Financial Data and Earnings Forecast - For Q1-Q3 2025, total revenue was 65.32 billion yuan, with a net profit of 1.41 billion yuan, both showing significant declines compared to the previous year [4][6] - The company expects to achieve net profits of 273 million yuan, 322 million yuan, and 349 million yuan for 2025, 2026, and 2027 respectively, reflecting a year-on-year decrease of 38.8% for 2025, followed by growth in subsequent years [6][7] - The gross margin for Q3 2025 was 16.89%, a decrease of 1.70 percentage points year-on-year, primarily due to reduced demand in the general lighting sector [7]

Investment Rating - The investment rating for Foshan Lighting is maintained at "Outperform" [1] Core Views - The Q3 2025 performance of Foshan Lighting was below expectations, with a revenue of 6.532 billion yuan, a year-on-year decline of 5%, and a net profit attributable to shareholders of 141 million yuan, down 44% year-on-year [4][7] - The general lighting and LED packaging businesses are under pressure due to intensified competition, while new business segments are showing growth [7] - The gross margin for Q3 2025 decreased to 16.89%, a decline of 1.70 percentage points year-on-year, primarily due to reduced demand in the general lighting sector [7] Financial Summary - For the first three quarters of 2025, Foshan Lighting achieved a total revenue of 65.32 billion yuan, with a net profit of 1.41 billion yuan, both showing significant declines compared to the previous year [4][7] - The company expects to achieve net profits of 273 million yuan, 322 million yuan, and 349 million yuan for the years 2025, 2026, and 2027 respectively, reflecting a year-on-year decrease of 38.8% in 2025, followed by growth in subsequent years [6][7] - The projected earnings per share for 2025 is 0.18 yuan, with a price-to-earnings ratio of 36 [6][7]

股票简称：佛山照明（A 股） 粤照明 B（B 股） 股票代码：0 0 0 5 4 1 （A 股） 20 05 41（B 股） 公告编号：2025-053 佛山电器照明股份有限公司 关于续聘 2025 年度会计师事务所的公告 本公司及董事会全体成员保证公告内容的真实、准确和完整，没有虚假记 载、误导性陈述或重大遗漏。 特别提示：本次续聘会计师事务所符合财政部、国务院国资委、证监会印 发的《国有企业、上市公司选聘会计师事务所管理办法》（财会〔2023〕4 号） 的规定。 本公司于 2025 年 10 月 29 日召开的第十届董事会第十三次会议 审议通过了《关于续聘 2025 年度会计师事务所的议案》，董事会同 意续聘大信会计师事务所（特殊普通合伙）为公司 2025 年度财务审 计机构及内部控制审计机构，聘期为 1 年，并提交公司股东会审议。 现将相关事项公告如下： 一、拟续聘会计师事务所的基本情况 （一）机构信息 1、基本信息 近三年，大信因执业行为承担民事责任的情况包括昌信农贷等三 项审计业务，投资者诉讼金额共计 426.31 万元，均已履行完毕，职 业保险能够覆盖民事赔偿责任。 5、诚信记录 大信会计师事务所 ...

股票简称：佛山照明（A 股） 粤照明 B（B 股） 股票代码：0 0 0 5 4 1 （A 股） 20 05 41（B 股） 公告编号：2025-050 佛山电器照明股份有限公司 第十届董事会第十三次会议决议公告 本公司及董事会全体成员保证公告内容的真实、准确和完整，没有虚假记 载、误导性陈述或重大遗漏。 以上议案均已经公司第十届董事会审计、合规与风险管理委员会 第六次会议审议通过。 特此公告。 佛山电器照明股份有限公司 1、审议通过《2025 年第三季度报告》 同意 8 票，反对 0 票，弃权 0 票。 详细内容请见同日刊登于巨潮资讯网的《2025年第三季度报告》。 2、审议通过《关于续聘 2025 年度会计师事务所的议案》 同意 8 票，反对 0 票，弃权 0 票。 董事会同意续聘大信会计师事务所（特殊普通合伙）为公司 2025 年度财务审计机构及内部控制审计机构，聘期为 1 年。本次事项尚需 提交公司股东会审议。 详细内容请见同日刊登于巨潮资讯网的《关于续聘 2025 年度会 计师事务所的公告》。 本公司于 2025 年 10 月 23 日以电子邮件的方式向全体董事发出 了会议通知，并于 2025 年 ...

Core Viewpoint - Foshan Lighting reported a revenue of 2.146 billion yuan in Q3, showing a year-on-year increase of 2.08%, while the net profit attributable to shareholders decreased by 55.68% to 26.0131 million yuan [1] Financial Performance - For the first three quarters, the total revenue was 6.532 billion yuan, reflecting a year-on-year decline of 5.16% [1] - The net profit attributable to shareholders for the first three quarters was 141 million yuan, which represents a year-on-year decrease of 43.80% [1]

Core Viewpoint - Foshan Lighting reported a revenue of 2.146 billion yuan in the third quarter, reflecting a year-on-year growth of 2.08%, while net profit decreased by 55.68% to 26.0131 million yuan [1] Financial Performance - The revenue for the first three quarters amounted to 6.532 billion yuan, showing a year-on-year decline of 5.16% [1] - Net profit for the first three quarters was 141 million yuan, which represents a year-on-year decrease of 43.8% [1]